BKL Advises Lotte Tour Development on KRW 2.2 Million Share Offering
BKL advised LTD on the issuance of approximately KRW 2.2 Million new shares (the “Shares”). The method of issuance, was by way of a public subscription to forfeited shares, after an offering to shareholders. In addition, BKL also advised on an over-the-counter sale of certificates of preemptive rights of the largest shareholders of LTD.
The scale of the sale of the Shares represents, one of the largest offerings in the Korean market, in the second half 2018. LTD issued the Shares in order to build the large scale Jeju Deram Tower Complex Resort. Despite the significant size of the issuance of the Shares, LTD received subscriptions for the Shares from existing shareholders and the employee stock ownership association, and the subscription rate was over 106 per cent. Based on this level of support, LTD successfully completed the issuance of the Shares with Mirae Asset Daewoo Co., Ltd. acting as Lead Manager.
BKL, acting as Korean legal counsel to Mirae Asset Daewoo Co., Ltd. and LTD, provided overall Korean legal advice and support throughout the deal, including with respect to the Financial Investment Services and Capital Markets Act and to LTD on all aspects of the transaction. Such advice included: (i) reviewing the Security Registration Statement, (ii) analyzing materials and documents relating to the listing transaction, and (iii) issuing a legal opinion.
The BKL team included partners Mi Eun ROH, associates Hyun-Jung KIM, and foreign attorney Alex LEE. BKL contributed to the successful completion of the transaction by addressing various complex legal issues in an efficient, proactive and timely manner.